The U.S. Strategic Petroleum Reserve fell to 340.3 million barrels, its lowest level since 1983, according to corroborated reports. Last week, 8.9 million barrels were released from the reserve. The reserve, established in 1975, has a maximum authorized capacity of 714 million barrels, according to one source. ExxonMobil senior vice president Neil Chapman warned that oil prices could rise as inventories decline and summer fuel demand increases. Withdrawals from the reserve totaled 400,000 barrels in March, 20.3 million barrels in April, and 37.4 million barrels in May 2026, according to one report. Analysts expect further withdrawals this summer, according to the same source. Accounts differ on the conflict prompting the releases: one source states the U.S. and Iran are set to sign a deal to end the war and make the Strait of Hormuz toll-free permanently, while another attributes the SPR withdrawals to a U.S.-Israeli war in Iran that began February 28. The U.S.-Iran deal has faced criticism from political opponents and Israel, according to one report. Overall U.S. crude oil inventories, including commercial and SPR stocks, have fallen by 79 million barrels since late February, according to one source. Inventories at Cushing, Oklahoma, have fallen to 21.6 million barrels, near operational limits, according to the same source. The Trump administration announced it would release 172 million barrels from the reserve over many weeks, according to boereport.com. The Biden administration released 180 million barrels from the reserve after Russia invaded Ukraine, according to gdelt. The U.S. Strategic Petroleum Reserve is the world’s largest supply of emergency crude oil, according to one source.